What we’re reading (3/7)
“Fed Chair Opens Door To Faster Rate Moves And A Higher Peak” (New York Times). “Jerome H. Powell, the Federal Reserve chair, made clear on Tuesday that the central bank is prepared to react to recent signs of economic strength by raising interest rates higher than previously expected and, if incoming data remain hot, potentially returning to a quicker pace of rate increases.”
“A Bull Market Is In Full Swing – And Most Of Us Are In Denial” (New York Post). “This Pessimism of Disbelief – or PoD for short – starts with each new bull market, lasting about a third of its full duration. At this juncture, PoD has infected most investors.”
“Silicon Valley’s AI Frenzy Isn’t Just Another Crypto Craze” (Vox). “Apps like ChatGPT, created by the Microsoft-backed startup OpenAI, are just the beginning of generative AI’s full range of capabilities, according to its boosters. Many believe it’s a once-in-a-lifetime technological breakthrough that could impact virtually every aspect of society and disrupt industries from medicine to law.”
“Nice People Don’t Value Money? Your Personality May Reveal Your Savings Skills” (Study Finds). “It doesn’t hurt to be a little mean if you’re looking to save more money. A new study says nice people finish last when it comes to managing their finances, since they don’t value it as much. Researchers from Columbia University explain that those who are more agreeable are the least likely to save money, because they prioritize hanging out with people over material wealth. Meanwhile, highly conscientious people may be more motivated to plan for the future and save funds. Moreover, if your personality matches your saving goals you will keep more cash, the research shows.”
“The Supreme Court Should End Home Equity Theft” (Cato Institute). “Geraldine Tyler, age 94, owed Hennepin County $2,300 in unpaid property taxes on her Minnesota condominium. She eventually accrued another $12,700 in fees. Her local government then seized her condo and sold it to pay the taxes and fees. The condo sold for $40,000, and Tyler owed the county only $15,000. But the county didn’t return the excess $25,000 to Tyler. Instead, the county pocketed the excess equity in her home. Tyler sued the county to get the $25,000 back, but she lost in the Court of Appeals for the Eighth Circuit, which held that a Minnesota tax statute “abrogated” Tyler’s property right in her home equity. Effectively, the court held that the county had not taken any of Tyler’s “property” at all, because once the county seized her condo, a statute defined the home equity as no longer her property. Now the Supreme Court has taken Tyler’s case[.]”
